THE CHINA MAIL, MAY 28, 1940.
POWELL'S
CHINA
HAVE GOOD EMPORIUM YEAR
PROFITS
The setting aside of a sum from pro-
War Revenue-Ordinance accounted for the
NEW WAR OFFICE ASSISTANT
London, To-day. "The conditions prevailing at to meet payment under the
The War Office announces in the Colony during the past increased carry over to new account, that Lt.-Gen. Haining, Gen- year were favourable to your said Hon. Sir Shouson Chow, chair-eral Officer Commanding-in- company's business, as they man of the board of directors, at the
Chinn Chief, Western Command, have been to the majority of eighth annual meeting of the
has been appointed Vice- retail concerns in the Co-Emporium Ltd., held yesterday.
In spite of disturbed conditions, a Chief of the Imperial General lony" said Mr. E. M. Ray- better turnover was reported, and pay-
Staff. mond, chairman, at the an- ment of a dividend of 80 cents per nual meeting at 12.15 p.m. to-day of William Powell, Limited.
share was announced.
In his report, the chairman said:- The profit for the period from April 1, 1939, to March 31, 1940, together Mr. Raymond was supported by Mr..with the balance brought forward from S. H. Ross and Mr. H. Overy, directors, last account, amounts to $302,733.17, and Mr. W. L. Alexander, secretary. which your Directors recommend Mr. Raymond said:-
should be dealt with as follows:-
Your directors are pleased to place before you accounts showing such a satisfactory result of the year's trad- ing. Profit for the year shows an in- crease of approximately $3,000 over last year.
To pay a dividend of 80 cents per share $106,963.20.
write off Land and Building
To $70,000.00.
General Sir Henry Jackson is ap- pointed to the Western Command.
Major-General B. K. T. Paget, Com- mander of the 18th Division, is ap- pointed Chief of General Staff of the Home Forces, with acting rank of
Lt.-Gen.-Reuter.
Right Men Chosen
LONDON, TO-DAY.
IN CONNECTION WITH THE AP- To write off Furniture and Fixtures | POINTMENT OF GENERAL IRON- $27,000.00.
SIDE AS COMMANDER-IN-CHIEF To bonus to Founders, Directors, OF THE HOME FORCES AND GEN- ERAL DILL AS CHIEF OF IM- Managers, and Staff $25,091.15.
GENERAL STAFF, THE To carry forward to the credit of❘ PERIAL
BRITISH PRESS a new, account $73,678.82.
WELCOMES THIS A8 EVIDENCE That THE RIGHT MEN HAVE BEEN CHOSEN TO FILL THESE POSITIONS.
of
The possibility of a German invasion is faced by the British Press, although the "Yorkshire Post" says that if Hit- ler invades Britain he will be taking the greatest gambling risk of his
extra career.
thus
The conditions prevailing in the Co- lony during the past year were favour- able to your company's business as they have been to the majority of ře- tail concerns in the Colony. I think you will agree that such conditions are
The third drawing for the redemp- abnormal and it would be impossible to foretell how long the present situa- tion of the Company's Debentures for tion will continue. It is too early to the current year is to take place on give any indication of our trading for July 1. According to the terms the current year. I may say, however, issue of the Company's Debentures, that turnover to date compares very the amount of $100,000, is to be paid; favourably with that of the same per- but in view of the improved financial iod last year. In view of the uncer- position of the Company, your Direc- tainty of the future your directors con- tors have decided to pay an sider that a conservative policy is ad- vísable. They recommend therefore $50,000, making a total redemption of that of the balance at credit of profit $150,000 for the current year and loss account available for appro- reducing the liability of the Company priation the, sum of $11,000 should be and further improving our financial placed to general reserve which will position. then stand at $21,000 representing 25%
CHOICEST OF GOODS of the issued capital of the company. It has always been the policy
Turning to the balance sheet it will
our Company to keep in stock be noted that the value of stocks on choices of goods conforming to hand is approximately the same as last year. Stocks have been conser- latest fashions and to sell them to our vatively valued and are readily sale- customers at reasonably low prices. able. In this connection I would like; For this reason we have always en- to point out that owing to the out- joyed the support of the buying pu- break of war it may be anticipated blic, and I take this opportunity to that some difficulty will be experienced express our deep appreciation of their with regard to stock replacements and
patronage. indications are that prices will be con- siderably higher than last year. Your directors have taken such steps as can reasonably be made to minimise this difficulty as far as possible and pro- vided orders already forwarded for re- placement of stocks can be fulfilled satisfactorily the company's business should not suffer unduly.
CASH BUSINESS
Sundry debtors are approximately $4,000 less than last year. Full pro- vision has been made for doubtful debts and the greater portion of the amount shown has since been collect- ed. The reduction in sundry debtors is an indication of the considerable in- crease in cash business as against cre- dit business.
of the the
Messrs. T. N. Chau, Chau Man-chi, and Fung Ping-fan were re-elected directors, and Messrs. Percy Smith, Seth and Fleming were re-appointed auditors for the coming year.
Supporting the chairman were Mr. M. Chan Harr, managing director, Messrs. T. N. Chau, Li Tse-fong, P. K. Kwok, Kan Tong-po, Fung Fook- tien, Chan Tse-kei, Chau Man-chi and Fung Ping-fan and a large number of shareholders.
creased turnover has meant increased work for the staff and they have car- ried out their duties admirably.
a
Since the date of the last General On the liability side it will be not- Meeting an invitation was extended to ed that sundry creditors are greater Mr. S. Hampden Ross to join the by approximately $8,000 than at Fe-Board, which was accepted. bruary 28, 1939. Creditors shown un- Resolutions were passed unanimous- der "Trade and Sundry" amounting ly adopting the report and accounts, to $23,490.41 including a liability in paying a dividend of 20 cents and respect of goods in transit of $16,220.20 | bonus of 10 cents a share on 42,000 have since been paid.
shares, transfering $11,000 to general In conclusion I feel that I am ex-reserve and carrying forward $1,183.- pressing the wishes of shareholders in 66; re-electing Mr. Raymond as a di- thanking Mr. Overy and his Staff for rector; re-appointing Linstead their services during the year. In-Davis auditors at $325 a year..
THE NEW LIGHT BREW
EWO PILSNER
IDEAL FOR SUMMER
and
P.I. SPORTS CONTINGENT ARRIVE
The remaining members of the Phi-. lippines sports contingent en route to participate in a series of events in Ja- pan, arrived this morning.
The footballing section will loosen up this afternoon on the South China ground at Caroline Hill commencing at 2 p.m..
The party leaves for the north at 5 p.m.
LAWN BOWLS TEAMS
H.K.E.R.C.
The following have been selected to re- present the Hong Kong Electric Recreation Club In the Lawn Bowls League on Satur- day against Hong Kong Football Club at Happy Valley.
A. G. Gardner, W. E. Baker, J. F. Lun-
ny and A. F. Paul (skip); A. P. Tarbuck, C. E. Gahagan, S. Dercon and J. K. Sloan (skip); W. Stoker, R. A. Owens, G. T. Pad- gett and G. G. S. Thompson (skip).
Retorve:-W. E. Macfarlane.
H.K.F.C.
Following are some of the Bowls. teams on
Saturday:—
First Division (v I.R.C., At Away):-A, B, Didsbury, G. E. Stephens, A. Brooksbank, N. J. Bebbington, (skip); J. Watson, J. H. (skip); J. S. Howell, A. W. Hodges, G. Duncan, W. Gill (skip).
Gelling, L. E. Lammert, K. S. Robertson
Third Division (v H.K.E.R.C., At Home): -A. Watson, F. Flippance, B. I. Bickpord, General Ironside's task is one of ex-| G. S. Graver (skip); F. Anslow, C. G. Sol treme difficulty and responsibility, says lis, B. A. Mansell, E. G. Wallington (skip); "The Times." General Dill, with his H. H. Beddow, T. R. Rowell, J. I. Barnes, habitual coolness, was the inevitable S. H. Strange (skip),
choice for Chief of Imperial General Staff.
The "Daily Mail" says that we realised the full extent of the peril and are facing it. That way lies victory. We have also had all the warning we need about "Fifth Columns" and have taken measures to destroy them.- Reuter.
Police Cricket Dinner
Police Recreation Club will celebrate their success in Júnior Division of the
Hong Kong Cricket League with a
dinner at the club on Friday even- ing..
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